April 21, 2024

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Roaring Kitty to testify on GameStop along with hedge fund supervisors

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The YouTube streamer regarded as Roaring Kitty, who served push a surge of interest in GameStop Corp, will testify just before a Property panel on Thursday alongside top rated hedge fund administrators.

The Residence Fiscal Solutions Committee is examining how an apparent flood of retail investing drove GameStop and other shares to extreme highs, squeezing hedge cash like Melvin Money that had wager in opposition to it.

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The witness listing was declared on Friday by Congresswoman Maxine Waters and incorporates Keith Gill, who also goes by Roaring Kitty, Robinhood chief government Vlad  Tenev, Citadel main executive Kenneth Griffin, Melvin chief govt Gabriel  Plotkin and Reddit chief executive Steve Huffman.

Ticker Stability Very last Transform Transform %
GME GAMESTOP CORP 52.40 +1.30 +2.54%

The digital hearing, entitled “Game Stopped? Who Wins and Loses When Quick Sellers, Social Media, and Retail Buyers Collide,” will consider spot on Feb. 18 at 1200 ET (1700 GMT), in accordance to the press launch and will be livestreamed right here https://financialservices.house.gov/are living. Waters, a Democrat, is Chair of the Property Committee on Monetary Solutions.

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Robinhood, Reddit, Melvin and Citadel have been at the middle of the GameStop saga, which observed retail traders promote GameStop on the Reddit discussion board WallStreetBets. Robinhood emerged as a well-known location to trade the stocks but was criticized for temporarily limiting trading in the hot inventory.

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The GameStop surge resulted in massive losses for Melvin, just after the hedge fund bet the retailer’s stock selling price would tumble. Citadel’s hedge resources, together with founder Griffin and agency associates, place $2 billion into Melvin.

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Democrats and Republicans are united in their outrage by Robinhood’s final decision to suspend investing in the so-termed “meme stocks” on Jan. 28. Tenev reported the business experienced to impose the limits just after wild trading in the shares brought on a $3 billion margin connect with by Robinhood’s clearing dwelling, straining the firm’s harmony sheet.

Massachusetts securities regulators have also issued a subpoena looking for Gill’s testimony.

(Reporting by Michelle Value, extra reporting by Svea Herbst-Bayliss producing by Megan Davies Enhancing by Sonya Hepinstall)

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